Ac­tis sells out of Umeme Ltd.

East African Business Week - - MARKETS -

Bri­tish pri­vate eq­uity firm Ac­tis has sold its re­main­ing 14.3 per­cent stake in Uganda’s sole power dis­trib­u­tor, Umeme Lim­ited, to in­vestors in­clud­ing a lo­cal pen­sion fund, al­low­ing its shares to re­sume trad­ing.

Trad­ing in Umeme shares was halted on Nov. 7 at the Uganda Stock Ex­change (USE) and Nairobi Stock Ex­change (NSE) af­ter it an­nounced that Ac­tis was sell­ing its stake. In a state­ment, Umeme said Ac­tis had suc­cess­fully sold the stake to in­sti­tu­tional and re­tail in­vestors, with Uganda’s sole pri­vate sec­tor pen­sions fund, the Na­tional So­cial Se­cu­rity Fund (NSSF), buy­ing a 7.5 per­cent stake. The pur­chase boosted NSSF’S stake in Umeme to 23 per­cent, mak­ing it the util­ity’s largest share­holder. “Ac­tis’ hold­ing com­pany for Umeme, di­vested its re­main­ing 14.3 per­cent in the Com­pany,” Umeme said. The util­ity’s healthy growth was “why cred­i­ble in­vestors are look­ing for an op­por­tu­nity like this to in­vest in the com­pany,” the state­ment quoted Umeme Man­ag­ing Di­rec­tor Se­lestino Babungi as say­ing. Umeme re­ported profit be­fore tax of 161 bil­lion Ugan­dan shillings ($45.38 mil­lion) last year. crest­ed­cap­i­tal

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